Results

Journal article

Journal of International Business Studies:

Integrating host-country political heterogeneity into MNE-state bargaining: insights from international political economy

The international business (IB) literature has emphasised the heterogeneity of firm strategies in shaping MNE-state bargaining, but largely ignored the heterogeneity of states. In contrast, the international political ec...Read more...

Journal article

Review of Economics and Statistics:

Trade and uncertainty

We offer a new explanation as to why international trade is so volatile in response to economic shocks. Our approach combines the idea of uncertainty shocks with international trade. Firms order inputs from home and fore...Read more...

CEP discussion paper

Come together: firm boundaries and delegation

We jointly study firm boundaries and the allocation of decision rights within them by confronting an incomplete-contracts model with data on vertical integration and delegation for thousands of firms around the world. In...Read more...

CEP discussion paper

Trade and uncertainty

We offer a new explanation as to why international trade is so volatile in response to economic shocks. Our approach combines the uncertainty shock idea of Bloom (2009) with a model of international trade, extending the ...Read more...

CEP discussion paper

Vulnerability of Currency Pegs: Evidence from Brazil

This paper analyses predictions of a simple model of currency crises in which the peg will be abandoned when the currency overvaluation hits a certain threshold, unknown to the agents. Due to learning about the threshold...Read more...

CEP discussion paper

Uncertainty and the Dynamics of R&D

Uncertainty varies strongly over time, rising by 50% to 100% in recessions and by up to 200% after major economic and political shocks. This paper shows that higher uncertainty reduces the responsiveness of R&D to change...Read more...

CEP discussion paper

Uncertainty and Investment Dynamics

This paper shows that, with (partial) irreversibility, higher uncertainty reduces the impact effect of demand shocks on investment. Uncertainty increases real option values making firms more cautious when investing or di...Read more...

CEP discussion paper

The Impact of Uncertainty Shocks: Firm Level Estimation and a 9/11 Simulation

Uncertainty appears to vary strongly over time, temporarily rising by up to 200% around major shocks like the Cuban Missile crisis, the assassination of JFK and 9/11. This paper offers the first structural framework to a...Read more...